Nucor to acquire Ambassador Steel
Nucor Corp. announced today that its wholly owned subsidiary, Harris Steel, Inc., has signed a purchase agreement to acquire all of the issued and outstanding common shares of Ambassador Steel Corp., based in Auburn, Indiana, for a cash purchase price of approximately $185,000,000. The transaction also will include the shares of Ambassador's affiliate, Delta Erecting, Inc.
Completion of the acquisition is contingent upon receipt of regulatory approvals, satisfactory completion of due diligence, and fulfillment of other customary closing conditions. The transaction is expected to close during the third quarter of 2008.
Ambassador is a fabricator and distributor of concrete reinforcing steel and related products. Founded in 1974, Ambassador has grown to be one of the largest independent fabricators and distributors of rebar in the United States. In 2007 Ambassador shipped 422,000 tons of fabricated rebar and distributed another 228,000 tons of reinforcing steel.